In a promising turn of events, the default risk for U.S. retailers exhibited a slight improvement in May, signaling a potential rebound for the industry. The overall retail default risk decreased to 2.1 percent from April's 2.4 percent, marking a positive shift in the economic landscape. Particularly encouraging were the declines in default risks observed among fashion retailers, reflecting a trend towards stabilization and recovery.
During the first half of May, cotton prices in Brazil underwent fluctuations, ultimately showing a downward trend by mid-month. Sellers, particularly those looking to clear stocks from the 2022-23 season, displayed flexibility in pricing early in the month. However, prices declined as certain industry players offered lower rates to secure new deals, according to the Centre for Advanced Studies on Applied Economics (CEPEA).
The latest export sales report from the US Department of Agriculture (USDA) reveals a significant uptick in net sales of US Upland cotton for the 2023-24 season, showcasing robust demand in international markets. With net sales totaling 253,700 running bales (RB), each weighing 226.8 kg or 500 pounds, the figures reflect a notable increase from the previous week and the prior four-week average.
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